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David Einhorn’s Green Light Capital and Daniel Loeb’s Third Point LLC are among others reaping big profits.

The yen has declined almost 20% over the last four months and is helping to fuel what could turn out to be a global currency war.

Germany and France are among countries criticizing Japan’s policies, which are forcing other countries to reduce the values of their currencies to remain competitive.

Japan’s prime minister was unusually vocal about its intentions to devalue the yen and traders put on positions well ahead of the yen’s decline, adding to their positions based on the rhetoric of Japan’s finance ministers.

The funds are trading primarily against the policies of Shinzo Abe, the newly elected Japanese prime minister, dubbing them Abe-nomics.

Japan’s monetary policy is expected to be widely discussed at the G-20 meeting in Moscow the weekend of February 15.

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